The eight forms — Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and ITR-V — make it mandatory to disclose high-value transactions such as deposit of Rs 1 crore or more in a current account, expenditure of Rs 2 lakh or more on foreign travel or spending of Rs 1 lakh or more on consumption of electricity.
The last date for filing the returns had earlier been extended till November 30 due to the Covid-19 induced lockdown.
Here are the eight income tax return forms:
The new forms will also have a column to report investments made between April 1 and June 30 in the current fiscal, for which deductions may be claimed for the 2019-20 financial year.
That’s because the lockdown was imposed from March 25, which fell in the previous financial year, making it difficult for several taxpayers to make their tax saving investments.
This will also be the first time the dual tax slab regime, proposed in the general budget earlier this year, will come into effect.
The new tax slabs do away with the exemptions granted under the old tax regime, in favour of lower taxation rates and a taxpayer may opt to pay either under the old tax slab regime or the new one.